The Waste Heat Recovery System Market is expected to register a CAGR of 7.2% from 2025 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.
The report is segmented by Application (Preheating, Steam and Electricity Generation, Others). The report further presents analysis based on the End-user (Petroleum Refining, Metal Production, Cement, Chemical, Paper and Pulp, Food and Beverage, Others). The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Waste Heat Recovery System Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Waste Heat Recovery System Market Segmentation
Application- Preheating
- Steam and Electricity Generation
- Others
- Petroleum Refining
- Metal Production
- Cement
- Chemical
- Paper and Pulp
- Food and Beverage
- Others
Strategic Insights
Waste Heat Recovery System Market Growth Drivers- Rising Demand for Energy Saving Heating and Cooling Solutions: Increasing urbanization and industrialization across the globe is expected to drive the demand for heating and cooling which in turn is expected to drive the demand for waste heat recovery systems market growth in the coming years. In addition, growing temperature rise across the globe owing to the climate change is expected to fuel the demand for energy efficient waste heat recovery systems during the forecast period.
- Increasing Focus of Sustainability in Industrial Development: The growing emphasis on sustainability and reducing carbon footprints is propelling the waste heat recovery market. Rise in awareness towards the sustainable and smart industrial development across the globe is expected to drive the waste heat recovery system market growth in the coming years.
- The growth of power generation industry: The rise in investment towards oil and gas exploration and production projects, geothermel power generation, industrial power generation, and others is expected to drive the growth of waste heat recovery system market in the coming years.
- Increasing Adoption of Organic Rankine Cycle (ORC) Technology: The adoption of Organic Rankine Cycle (ORC) technology is a significant trend in the WHR market. ORC systems can effectively convert low-grade waste heat into electricity, making them an attractive option for a wide range of industrial applications.
- Growing Industrialization in Developing Economies: The increasing industrialization in developing economies is having a positive impact on the energy demand, which is anticpated to propell the growth of oil and gas and power generation industry. Hence, the growing industrialization is anticipated to drive the demand for recovery of waste heat from industrial processes which in turn is anticipated to be the key trend in the market.
- Expansion into Residential and Commercial Buildings: The growing focus on energy efficiency and sustainability in the residential and commercial building sectors presents opportunities for the WHR market. Integrating WHR systems into building designs and HVAC systems can contribute to reduced energy consumption and carbon footprint.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Waste Heat Recovery System Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Waste Heat Recovery System Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
Some of the customization options available based on the request are an additional 3-5 company profiles and country-specific analysis of 3-5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
The leading players operating in the Waste Heat Recovery System Market include ABB, Bosch Industriekessel GmbH, Echogen, Econotherm Limited, General Electric, MITSUBISHI HEAVY INDUSTRIES, LTD., Ormat, Siemens Energy, Sigma Thermal, Inc., Thermax Limited
The Waste Heat Recovery System Market is estimated to witness a CAGR of 7.2% from 2023 to 2031
Growing industrialization in developing economies is the key future trend of the Waste Heat Recovery System Market
The major factors driving the Waste Heat Recovery System Market are: Rising Demand for Energy Saving Heating and Cooling Solutions and Increasing Focus of Sustainability in Industrial Development
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Waste Heat Recovery System Market - By Application
1.3.2 Waste Heat Recovery System Market - By End-user
1.3.3 Waste Heat Recovery System Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. WASTE HEAT RECOVERY SYSTEM MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. WASTE HEAT RECOVERY SYSTEM MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. WASTE HEAT RECOVERY SYSTEM MARKET - GLOBAL MARKET ANALYSIS
6.1. WASTE HEAT RECOVERY SYSTEM - GLOBAL MARKET OVERVIEW
6.2. WASTE HEAT RECOVERY SYSTEM - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. WASTE HEAT RECOVERY SYSTEM MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
7.1. OVERVIEW
7.2. APPLICATION MARKET FORECASTS AND ANALYSIS
7.3. PREHEATING
7.3.1. Overview
7.3.2. Preheating Market Forecast and Analysis
7.4. STEAM AND ELECTRICITY GENERATION
7.4.1. Overview
7.4.2. Steam and Electricity Generation Market Forecast and Analysis
7.5. OTHERS
7.5.1. Overview
7.5.2. Others Market Forecast and Analysis
8. WASTE HEAT RECOVERY SYSTEM MARKET - REVENUE AND FORECASTS TO 2028 - END-USER
8.1. OVERVIEW
8.2. END-USER MARKET FORECASTS AND ANALYSIS
8.3. PETROLEUM REFINING
8.3.1. Overview
8.3.2. Petroleum Refining Market Forecast and Analysis
8.4. METAL PRODUCTION
8.4.1. Overview
8.4.2. Metal Production Market Forecast and Analysis
8.5. CEMENT
8.5.1. Overview
8.5.2. Cement Market Forecast and Analysis
8.6. CHEMICAL
8.6.1. Overview
8.6.2. Chemical Market Forecast and Analysis
8.7. PAPER AND PULP
8.7.1. Overview
8.7.2. Paper and Pulp Market Forecast and Analysis
8.8. FOOD AND BEVERAGE
8.8.1. Overview
8.8.2. Food and Beverage Market Forecast and Analysis
8.9. OTHERS
8.9.1. Overview
8.9.2. Others Market Forecast and Analysis
9. WASTE HEAT RECOVERY SYSTEM MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Waste Heat Recovery System Market Overview
9.1.2 North America Waste Heat Recovery System Market Forecasts and Analysis
9.1.3 North America Waste Heat Recovery System Market Forecasts and Analysis - By Application
9.1.4 North America Waste Heat Recovery System Market Forecasts and Analysis - By End-user
9.1.5 North America Waste Heat Recovery System Market Forecasts and Analysis - By Countries
9.1.5.1 United States Waste Heat Recovery System Market
9.1.5.1.1 United States Waste Heat Recovery System Market by Application
9.1.5.1.2 United States Waste Heat Recovery System Market by End-user
9.1.5.2 Canada Waste Heat Recovery System Market
9.1.5.2.1 Canada Waste Heat Recovery System Market by Application
9.1.5.2.2 Canada Waste Heat Recovery System Market by End-user
9.1.5.3 Mexico Waste Heat Recovery System Market
9.1.5.3.1 Mexico Waste Heat Recovery System Market by Application
9.1.5.3.2 Mexico Waste Heat Recovery System Market by End-user
9.2. EUROPE
9.2.1 Europe Waste Heat Recovery System Market Overview
9.2.2 Europe Waste Heat Recovery System Market Forecasts and Analysis
9.2.3 Europe Waste Heat Recovery System Market Forecasts and Analysis - By Application
9.2.4 Europe Waste Heat Recovery System Market Forecasts and Analysis - By End-user
9.2.5 Europe Waste Heat Recovery System Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Waste Heat Recovery System Market
9.2.5.1.1 Germany Waste Heat Recovery System Market by Application
9.2.5.1.2 Germany Waste Heat Recovery System Market by End-user
9.2.5.2 France Waste Heat Recovery System Market
9.2.5.2.1 France Waste Heat Recovery System Market by Application
9.2.5.2.2 France Waste Heat Recovery System Market by End-user
9.2.5.3 Italy Waste Heat Recovery System Market
9.2.5.3.1 Italy Waste Heat Recovery System Market by Application
9.2.5.3.2 Italy Waste Heat Recovery System Market by End-user
9.2.5.4 United Kingdom Waste Heat Recovery System Market
9.2.5.4.1 United Kingdom Waste Heat Recovery System Market by Application
9.2.5.4.2 United Kingdom Waste Heat Recovery System Market by End-user
9.2.5.5 Russia Waste Heat Recovery System Market
9.2.5.5.1 Russia Waste Heat Recovery System Market by Application
9.2.5.5.2 Russia Waste Heat Recovery System Market by End-user
9.2.5.6 Rest of Europe Waste Heat Recovery System Market
9.2.5.6.1 Rest of Europe Waste Heat Recovery System Market by Application
9.2.5.6.2 Rest of Europe Waste Heat Recovery System Market by End-user
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Waste Heat Recovery System Market Overview
9.3.2 Asia-Pacific Waste Heat Recovery System Market Forecasts and Analysis
9.3.3 Asia-Pacific Waste Heat Recovery System Market Forecasts and Analysis - By Application
9.3.4 Asia-Pacific Waste Heat Recovery System Market Forecasts and Analysis - By End-user
9.3.5 Asia-Pacific Waste Heat Recovery System Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Waste Heat Recovery System Market
9.3.5.1.1 Australia Waste Heat Recovery System Market by Application
9.3.5.1.2 Australia Waste Heat Recovery System Market by End-user
9.3.5.2 China Waste Heat Recovery System Market
9.3.5.2.1 China Waste Heat Recovery System Market by Application
9.3.5.2.2 China Waste Heat Recovery System Market by End-user
9.3.5.3 India Waste Heat Recovery System Market
9.3.5.3.1 India Waste Heat Recovery System Market by Application
9.3.5.3.2 India Waste Heat Recovery System Market by End-user
9.3.5.4 Japan Waste Heat Recovery System Market
9.3.5.4.1 Japan Waste Heat Recovery System Market by Application
9.3.5.4.2 Japan Waste Heat Recovery System Market by End-user
9.3.5.5 South Korea Waste Heat Recovery System Market
9.3.5.5.1 South Korea Waste Heat Recovery System Market by Application
9.3.5.5.2 South Korea Waste Heat Recovery System Market by End-user
9.3.5.6 Rest of Asia-Pacific Waste Heat Recovery System Market
9.3.5.6.1 Rest of Asia-Pacific Waste Heat Recovery System Market by Application
9.3.5.6.2 Rest of Asia-Pacific Waste Heat Recovery System Market by End-user
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Waste Heat Recovery System Market Overview
9.4.2 Middle East and Africa Waste Heat Recovery System Market Forecasts and Analysis
9.4.3 Middle East and Africa Waste Heat Recovery System Market Forecasts and Analysis - By Application
9.4.4 Middle East and Africa Waste Heat Recovery System Market Forecasts and Analysis - By End-user
9.4.5 Middle East and Africa Waste Heat Recovery System Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Waste Heat Recovery System Market
9.4.5.1.1 South Africa Waste Heat Recovery System Market by Application
9.4.5.1.2 South Africa Waste Heat Recovery System Market by End-user
9.4.5.2 Saudi Arabia Waste Heat Recovery System Market
9.4.5.2.1 Saudi Arabia Waste Heat Recovery System Market by Application
9.4.5.2.2 Saudi Arabia Waste Heat Recovery System Market by End-user
9.4.5.3 U.A.E Waste Heat Recovery System Market
9.4.5.3.1 U.A.E Waste Heat Recovery System Market by Application
9.4.5.3.2 U.A.E Waste Heat Recovery System Market by End-user
9.4.5.4 Rest of Middle East and Africa Waste Heat Recovery System Market
9.4.5.4.1 Rest of Middle East and Africa Waste Heat Recovery System Market by Application
9.4.5.4.2 Rest of Middle East and Africa Waste Heat Recovery System Market by End-user
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Waste Heat Recovery System Market Overview
9.5.2 South and Central America Waste Heat Recovery System Market Forecasts and Analysis
9.5.3 South and Central America Waste Heat Recovery System Market Forecasts and Analysis - By Application
9.5.4 South and Central America Waste Heat Recovery System Market Forecasts and Analysis - By End-user
9.5.5 South and Central America Waste Heat Recovery System Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Waste Heat Recovery System Market
9.5.5.1.1 Brazil Waste Heat Recovery System Market by Application
9.5.5.1.2 Brazil Waste Heat Recovery System Market by End-user
9.5.5.2 Argentina Waste Heat Recovery System Market
9.5.5.2.1 Argentina Waste Heat Recovery System Market by Application
9.5.5.2.2 Argentina Waste Heat Recovery System Market by End-user
9.5.5.3 Rest of South and Central America Waste Heat Recovery System Market
9.5.5.3.1 Rest of South and Central America Waste Heat Recovery System Market by Application
9.5.5.3.2 Rest of South and Central America Waste Heat Recovery System Market by End-user
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. WASTE HEAT RECOVERY SYSTEM MARKET, KEY COMPANY PROFILES
11.1. ABB
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. BOSCH LIMITED
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. ECHOGEN
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. ECONOTHERM (UK) LTD
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. GENERAL ELECTRIC COMPANY
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. MITSUBISHI HEAVY INDUSTRIES MARINE MACHINERY AND EQUIPMENT CO. , LTD.
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. ORMAT TECHNOLOGIES INC.
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. SIEMENS AG
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. SIGMA THERMAL, INC.
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. THERMAX LIMITED
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
1. ABB
2. Bosch Limited
3. Echogen
4. Econotherm (UK) Ltd
5. General Electric Company
6. Mitsubishi Heavy Industries Marine Machinery and Equipment Co. , Ltd.
7. Ormat Technologies Inc.
8. Siemens AG
9. Sigma Thermal, Inc.
10. Thermax Limited
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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